Agricultural Bank of China to clear yuan in Dubai

China's central bank has chosen Agricultural Bank of China Ltd to clear yuan transactions in Dubai for the United Arab Emirates, sources with direct knowledge of the matter said on Thursday.

ABC officials were not immediately available to comment. Officials at the People's Bank of China declined to comment. The sources declined to be identified ahead of an official announcement.

Choosing a Chinese lender to clear yuan transactions in the UAE is seen as a move to strengthen growing economic ties between China and the Middle East.